As more people fall into the Bitcoin rabbit hole, cryptocurrency usage has increased significantly over the last year. PaySafe’s study found that most cryptocurrency enthusiasts are ready to fork out their hard-earned money in cryptocurrencies to get their payments.
On January 11, 2022, the report “Inside crypto community: Plotting a journey to mass adoption” was released. It reveals the top trends among cryptocurrency users in the US. These results are encouraging for people who believe in the positive development of cryptocurrency and its adoption on a worldwide scale.
Cryptocurrencies are the future. But they’re not the present.
The research included a broad range of topics including the demographics, interests and motivations of members of the crypto community as well as their knowledge and understanding of the ecosystem and tech in general. Sapio Research, an independent research house, conducted the survey in October 2021. Only people who were holding cryptocurrencies at the time the research was conducted received the responses via email.
54% believe that cryptocurrency is the future of finance, and will soon dominate the global payments market. Some 60% believed that cryptocurrencies would be a major part of the e-commerce market by the year 2021 (remember that the survey was taken at the end in 2021). But, less than half believe that physical stores will accept cryptocurrency payment methods.
70% of respondents stated that they were hesitant to invest at least once in cryptocurrency. This segment included 30% who exited when prices began to fall while the rest blamed bad press, social media and word-of mouth among other factors.
Preferences change depending on age and gender
Cryptocurrency enthusiasts want to use their tokens. 55% of respondents stated that they would like to receive their salary in cryptocurrency. These tokens are particularly popular with Millennials and the Generation Z. 60% of 18-24-year-olds would love to receive their salary in cryptocurrencies. The preference falls to 58% when the age reaches 23-34, and to 57% when it reaches 35-44 years.
The top reason respondents gave for receiving a salary paid in cryptocurrency was that they believed it to be a smart investment that would appreciate over time. Many believe that cryptocurrency payments will become more popular in the future. 16% stated that they don’t trust traditional banks.
The study also found that avid traders are more common in men: 71% said they trade daily, 68% said they trade every day and 58% visit their exchanges multiple times per week.
Crypto trading is faster for males than it is for women. Image by Paysafe
Women, on the other hand, are more cautious and prefer to trade in longer positions. 29% trade daily, while 61% trade once per year.
Marla Brooks – Financial Analysis
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